How to File Taxes in Canada for Free - Increase Your Refund with Wealthsimple Tax

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  • Опубліковано 17 чер 2024
  • How to file your own Canadian tax return for free! This tutorial from a CPA shows you step-by-step guide prepare your personal tax return quickly and for free!
    Paul also explains how to record your self-employment income and  expenses on your return.
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    ✅ Get weekly tax and business tips: www.avalonaccounting.ca/weekl...
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    🎥 CONTENTS OF THIS VIDEO
    00:00 - Intro
    00:46 - Create a Wealthsimple Account
    01:05 - Choose Your Tax Year
    01:26 - Answer a Few Questions
    01:49 - Enter Your Personal Information
    02:21 - Use CRA My Account to Import Information
    04:21 - Questionnaire on Income and Deductions
    05:55 - Wealthsimple Suggests Tax Credits and Deductions
    07:26 - Add a Few More Personal Details
    08:41 - Add Information About Your Family (if applicable)
    09:16 - Miscellaneous Information
    10:47 - CRA My Account
    11:22 - Auto-fill My Return and Crypto Transaction Import
    11:54 - Manage Your Tax Forms
    12:33 - Spouse or Common Law Partner
    14:47 - Employment Income - Enter T4 Information
    15:11 - Investment Income - Enter T5 Information
    15:23 - Donations and Gifts
    16:09 - Medical Expenses
    17:59 - RRSP Contributions and Deduction
    20:22 - Review and Optimize Your Return
    22:34 - Review Your Summary
    23:26 - Submit Your Tax Return
    23:54 - Self-employment Section Starts Here!
    24:18 - Self-employment Bookkeeping (Free Template)
    26:11 - Record Revenue and Expenses
    27:43 - Record Asset Purchases
    28:05 - Record Your Home Office Expenses
    29:35 - Enter Self-Employment Info Into Wealthsimple Tax
    32:21 - Capital Cost Allowance
    34:38 - Business Use of Home Expenses
    25:16 - Confirm Your Numbers
    36:04 - Optimize and File Your Return!
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    🔗 MENTIONED IN THIS VIDEO
    ► Setting up CRA My Account
    www.avalonaccounting.ca/blog/...
    ► Understanding Medical Expense Claims
    www.avalonaccounting.ca/blog/...
    ► RRSPs Explained - Video
    • RRSPs Explained - What...
    ► Do I Have to Charge GST/HST?
    www.avalonaccounting.ca/blog/...
    ► Expenses you can deduct in your business
    www.avalonaccounting.ca/blog/...
    ► Free Bookkeeping Template - Google Sheets and Excel
    • Free Bookkeeping Templ...
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КОМЕНТАРІ • 20

  • @Gul_Jee
    @Gul_Jee Рік тому

    Highly valuable content as always

  • @mike330i
    @mike330i Рік тому

    Thanks for the video. It was informative and easy to follow.

    • @AvalonAccounting
      @AvalonAccounting  Рік тому

      Awesome - thanks for your feedback, Michael. Glad the video was helpful!

  • @sueyoung5610
    @sueyoung5610 Рік тому

    Excellent video! Thank u

  • @selormey
    @selormey Рік тому

    Lots of great information on how to filing taxes :)

  • @MusiceWoman
    @MusiceWoman Рік тому

    Best, easiest tax program I have ever found. I like the way it is set up so it automatically makes suggestions on areas you can claim according to your input. Thank you Wealthsimple.

    • @Eijimiji
      @Eijimiji 2 місяці тому +1

      the 20 is suggested and you can delete it, just try

    • @MusiceWoman
      @MusiceWoman 2 місяці тому

      @@Eijimiji thank you.

  • @claudiamolina5107
    @claudiamolina5107 4 місяці тому

    Where/ do you claim for income property? I have a basement tenant too? Thank you!

  • @edwinhsugiono
    @edwinhsugiono Рік тому

    Hi is there no tuition section carrying forward etc

  • @maplechuuni
    @maplechuuni Рік тому

    Question. I know it's different for Wealthsimple starting for the 2022 tax year, but if you had to travel for medical services (over 80km one way due to living in a rural area) how would someone account for that? Would you just add another expense and under "medical expense description" call it Travel for Medical Services, do the calculations as provided for such travel on the CRA website whether a simplified method or detailed and simply just put how much the expense is? I've been trying to figure this out for someone and I don't want to steer them wrong

  • @OlgaP-pm3vw
    @OlgaP-pm3vw 3 місяці тому

    Is it possible to file taxes in this program without access to a CRA account? When I fill in all the information, it turns out that I have automatically filed taxes, did I understand correctly? Thank you

  • @stevewipix3422
    @stevewipix3422 Місяць тому

    I have a 1 year old baby should I file tax return for him in canada?

  • @BrinleyBlogette
    @BrinleyBlogette 2 місяці тому

    Is this still r applicable in 2024?

  • @joeylam9693
    @joeylam9693 5 місяців тому

    Very useful video , Thank you.

  • @trent8663
    @trent8663 Рік тому +1

    Love this channel but you lost me at WealthSimple @0:11

    • @alisonmeeks5580
      @alisonmeeks5580 Рік тому

      They say it is free but a friend just got to the end and couldn't submit his return until he "donated" $20. Just be up front. Sleezy AF.

  • @VladRonin
    @VladRonin Рік тому

    Thanks for great video .. i have T 4 and T 5 form . can I claim tax property ? Tank You !!!!!!!!!!!